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Data says crypto markets corrected in May, NFT market slow

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The crypto market experienced a month of widespread corrections, adjustments, slow NFT marketplace activities, and more, in the month of May, according to on-chain data released by The Block.

A bearish May

In a recent tweet, Lars H., the research director at The Block, shed light on the performance of the crypto markets in the past month. The data reveals a mostly corrective phase, marked by fluctuations in on-chain volumes, stablecoin supply, miner revenue, NFT marketplace activity, and trading volumes across various platforms.

Per the researchers, total adjusted on-chain volume experienced a decline of 5.3%, amounting to $196 billion. Notably, bitcoin (BTC) witnessed a significant decrease of 13.3% in on-chain volume, while ethereum (ETH) managed a modest increase of 3.2%.

The adjusted on-chain volume of stablecoins also decreased, dropping by 4.2% to $464.6 billion.

Additionally, the issued supply of stablecoins contracted by 1.4% to $122.4 billion. Among them, tether (USDT) saw its market share rise to 68.2% and achieved an all-time high supply of $83.5 billion, whereas, Circle’s USD coin (USDC) experienced a 22.2% decrease in market share.

In the bitcoin mining space, miners had a lucrative May, as revenue increased by 13.7% to reach $916.6 million. However, ethereum stakers faced a decline in revenue, witnessing a significant drop of 34.5% to $157.2 million.

In May, a total of 204,576 ETH, equivalent to $380.1 million, was burned. This ongoing deflationary trend has been in effect since January 2023.

On-chain data also shows that since the implementation of Ethereum Improvement Proposal 1559 (EIP-1559) in August 2021, a remarkable 3.36 million ETH, worth approximately $9.76 billion, has been burned.

https://twitter.com/lars0x/status/1664263012188864513

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Author: Ogwu Osaemezu Emmanuel

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